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Resource Rich Muslim Countries and Islamic Institutional Reforms (Hardcover, New edition)
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Resource Rich Muslim Countries and Islamic Institutional Reforms (Hardcover, New edition)
Series: Economic, Political and Social Institutions in Islam, 1
Expected to ship within 10 - 15 working days
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Resource Rich Muslim Countries and Islamic Institutional Reforms
explores the "resource curse," a condition in which a country's
abundance of natural resources is negatively linked with the
country's development and economic growth, in resource rich Muslim
countries. The resource curse puzzle has been studied for over
twenty years, with prior researchers looking to prove its existence
and explore its causes. Recent studies have begun to indicate
institutional failure as a likely cause of the curse, as wealth of
resources tends to cause counterproductive behaviors such as
rent-seeking, patronage and corruption. The subpar economic
performance of resource rich Muslim countries in the Organization
of the Islamic Cooperation (OIC) could be attributed to the
manifestation of a resource curse. Collectively, the member
countries of the OIC contribute over 9% of the world's total GDP
with 22.8% of the world's population. Saudi Arabia and the United
Arab Emirates alone contribute about 17% of world oil production.
Resource rich Muslim countries should be at the forefront of
economic performance and growth, yet we see the opposite when we
compare the performance of these countries to countries that are
not resource rich (such as Spain, France, Hong Kong and Japan).
Through an analysis of sample countries, the authors have
discovered that natural resources exert a drag on the countries'
economic growth, thereby indicating the presence of the resource
curse. Their research also found weaknesses in the quality of
institutions as the cause of the curse. To counteract the negative
effects of the resource curse in resource rich Muslim countries,
the authors provide a number of Islamic institutional reforms.
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